Businesses are the engine of the Canadian economy as they provide the opportunity for individuals to work. If you have employees in your corporation (including yourself) – you must file a T4 slip by the end of February. With the…
Surplus stripping is back in the news with recent changes to legislation. This makes it imperative to understand past court decisions on this matter. Surplus stripping allows a taxpayer to receive funds that that have been earned by a corporation…
The Kruco case is a pivotal case in the determination of safe income available for a tax-free intercorporate dividend from a subsidiary to its parent company. The CRA’s inconsistent position on this has been interesting. I posed a question to…
Generally, probate fees are not a planning priority in Alberta because fees are nominal (ranging from $25 to $400). However, if an individual who lives in Alberta and has property in another province (or outside of Canada) or is planning…
As we gear up for back to school for the little ones, it is important to prepare for the years after graduation. If you anticipate your children will attend post-secondary education, planning for this costly period should be done years…
An Express Trust is set up with a legal act with the intent of a trustee to manage trust property on behalf of beneficiaries. This has proved to be an effective transfer and store of wealth as well as a…
Offering employees stock options can be a way to incentives them via a remuneration that is aligned with the objectives of shareholders, including increased share value and profitability of the organization. Stock options give employees the right to purchase shares…
Providing employee benefits can be effective in retention tool, however the impact of tax on these benefits should be considered for both the deductibility to the corporation and the taxability and requirement to withhold for the employee. A benefit is…
There is still a window of opportunity for tax savings when transferring a business to a corporation owned by your child or grandchild and being allowed to claim the lifetime capital gains exemption before amendments are proposed to Bill C-208…
The use of Trusts for income splitting are requiring more sophisticated tax planning since the introduction of recent legislation such as the TOSI (tax on split income), also known as the “kiddie tax” rules. However, a Trust can still be…